Clearing activities are activities to determine the obligations to be performed under securities and other financial instruments transactions, preparation of documents (information) for settlements, and creation of a system of guarantees for the performance of obligations under securities and other financial instruments transactions.

Clearing entities include clearing institutions and the Settlement Center for Servicing Contracts in Financial Markets. The Central Securities Depository and the National Bank of Ukraine may carry out clearing activities taking into account the requirements established by the legislation.

Clearing activities are the only type of professional activities in the securities market, except for its combination in the case established by law, provided that these activities are carried out by individual structural units.

Список названий документов

Документи до теми

A license to carry out professional activities in the stock market, i. e. clearing activities, may be obtained by the Central Depository, the Settlement Center and persons having the legal form of a joint stock company, whose constituent documents provide for the conduct of clearing activities.

The person acquires the status of a clearing institution from the date of receipt of the license from the Commission for clearing activities and the license from the National Bank of Ukraine to conduct certain banking operations.

The Central Securities Depository, a clearing organization or the Settlement Center for Servicing Contracts in Financial Markets must, in the prescribed manner, register the Rules for the Production of Clearing Activities with the Commission before the beginning of the clearing activities.

Clearing activities under securities contracts concluded on a particular stock exchange may be carried out only by one person having a license to conduct clearing activities.

The clearing institution must, within three months from the date of receipt of the license for the conduct of clearing activities, conclude:

an agreement on the settlement of securities in accordance with the results of clearing with the Central Securities Depository or the National Bank of Ukraine in accordance with the competence specified by law;

an agreement on conducting cash settlements on the basis of clearing with the Clearing Center for Servicing Contracts in Financial Markets;

an agreement to provide clearing services with at least one stock exchange.

Prior to the conclusion of the said agreements, the clearing institution has no right to conduct clearing activities related to securities.

To measure and assess the risks of the person carrying out clearing activities (except for the Settlement Center), the following indicators are used:

REGULATORY CAPITAL AMOUNT. The minimum amount of the regulatory capital of the person carrying out clearing activities must be no less than the minimum amount of the authorized capital established by the legislation for the person who obtained the license for clearing activities.

RATIO OF COVERAGE OF OBLIGATIONS OF CLEARING PARTICIPANTS. It is calculated as the ratio of the amount of cash liabilities of the clients of the person carrying out the clearing activities following the results of clearing of the securities purchase and sale agreements, where the maturity date for the obligations thereunder have fallen due, to the value of the pre-reserved funds by the clearing participants (securing of liabilities) and the size of the guarantee (or other similar purpose) of the fund. The normative value of the ratio is no more than 1.

FINANCIAL STABILITY RATIO (only for institutions performing a function of a central counterparty). It is calculated as the ratio of an institution's equity to the value of its assets. The normative value of the ratio is at least 0.5.

LIQUIDITY COVERAGE RATIO. It is calculated as the ratio of the value of current assets of an institution to the value of its current liabilities. The normative value of the ratio is at least 1.

ABSOLUTE LIQUID RATIO. It is calculated as the ratio of the value of an institution's highly liquid assets, which include cash, cash equivalents and current financial investments, to the amount of its current liabilities.The normative value of the ratio is at least 0.2.